WuXi AppTec, Wuxi Bio Tumble as U.S. Lawmakers Propose Ban

(Bloomberg) — WuXi AppTec Co. tumbled by an intraday record in Hong Kong, with traders attributing the decline to proposed U.S. legislation that would ban the Chinese medical technology company and its units from government contracts.

WuXi AppTec plunged as much as 32% on Friday before trimming losses to about half, while Wuxi Biologics Cayman Inc. fell as much as 28% in Hong Kong. Their decline helped drag the city’s benchmark index down by 2% at one point.